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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/74348
Title: | 財務報表管理階層討論與分析中因果關係文字之使用-機構投資人的影響效果 Institutional Investors and the Use of Causal Language in the MD&A Disclosures |
Authors: | YuWei Lee 李昱緯 |
Advisor: | 吳淑鈴 |
Keyword: | 10-K,管理階層討論與分析,因果關係文字,機構投資人, Form 10-K,Management Discussion and Analysis,Causal Language,Institutional investors, |
Publication Year : | 2019 |
Degree: | 碩士 |
Abstract: | 10-K中的管理階層討論與分析(Management Discussion and Analysis, MD&A)一直以來都是投資人以及財務報表使用者著重的段落,該段落使投資人能夠以管理階層的立場去分析公司收入、費用及相關損益之變動情形。並藉由該段之資訊判讀盈餘資訊並預測未來會計盈餘。本研究則探討,公司盈餘資訊為壞消息時,是否影響管理階層於MD&A營運結果段使用因果關係文字(Causal Language)意圖影響投資人及財務報表使用者之投資決策。
然而,機構投資人相對一般投資人(或稱散戶投資人),具有專業的分析能力,較能正確地評估公司之真實價值。故本研究進一步探討,機構投資人之持股比例,對於管理階層在MD&A營運結果段使用因果關係文字比例之關聯性。另外,也針對管理階層使用因果關係文字比例的高低對於負面股價反應之趨緩,是否因機構投資人之持股比例而有所減弱進行研究。研究結果顯示,當公司盈餘資訊為壞消息時,機構投資人持股比例較高之公司,在MD&A營運結果段使用因果關係文字相對機構投資人持股比例較低之公司來得低。同時,研究結果也支持散戶投資人持股較高之公司,其因果關係文字對負面股價反應之趨緩相對散戶投資人持股較低之公司較為顯著。 This study investigates how institutional investor ownership affects companies’ use of causal language in their MD&A disclosures. Because institutional investors are more sophisticated relative to individual investors, language usages in MD&A are less likely to affect institutional investors’ original judgment on firm value. Therefore, we argue that when firms perform poor, firms with more institutional ownership are less likely to rely on causal language in their MD&A disclosures to change investors’ expectations on firms’ future performance. Consistent with this expectation, this study finds that, when companies have bad news, firms with larger institutional ownership use fewer causal languages in the operating results section of their MD&A disclosures. Moreover, this study shows that causal languages are more effective in reducing negative stock reactions in firms with lower institutional ownerships. The results suggest that institutional ownership is an important factor that shapes companies’ MD&A disclosure behavior. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/74348 |
DOI: | 10.6342/NTU201903007 |
Fulltext Rights: | 有償授權 |
Appears in Collections: | 會計學系 |
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ntu-108-1.pdf Restricted Access | 1.68 MB | Adobe PDF |
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